Founded in 2011, BioCatch uses behavioral biometrics to prevent cyberattacks, analyzing the actions of hackers to better identify malicious behavior and stop it from occurring in real time.
“BioCatch helps to answer the question, ‘Who are you?’ in an online world where fraudsters operate with the legitimate credentials of others, making it very hard to distinguish them from authorized users,” said Howard Edelstein, BioCatch CEO. “We take pride in the track record we have amassed and the role that we play as an integral part of our clients’ identity strategy. This strategy cuts across the digital ecosystem, from stopping fraud in real time to preventing fake accounts from being opened in the first place, all while enabling a seamless user experience.”
To achieve its goals, BioCatch collects and analyzes more than 2,000 parameters to identify malware, robotic activity, social engineering (such as phishing) and other cyberthreats. The company currently monitors more than 5 billion transactions per month.
“As the company pursues its growth trajectory, we are pleased to welcome our new investors into the fold. This latest investment round is a testament to the commitment and the capacity that we have to change the way identity is managed online. Relationships with companies like Experian, LexisNexis Risk Solutions, Samsung SDS and others demonstrate how BioCatch is contributing to digital transformation, and this round of funding will enable us to take our efforts to a whole new level,” said Edelstein.
For this round of funding, there was additional participation from American Express Ventures, NexStar Partners, Kreos Capital, CreditEase, OurCrowd, JANVEST Capital and other previous investors.
“BioCatch’s robust behavioral analytics platform is helping companies identify and stop fraudulent activity without sacrificing the user experience for legitimate customers,” said Harshul Sanghi, managing partner of Amex Ventures, the strategic investment group within American Express. “The demand for organizations to strike that balance will only increase as digital engagement with their customers grows and cyberthreats become more sophisticated. We’re excited to support BioCatch as it works to expand its capabilities and help organizations, including American Express, address this critical need.”